IFA's Market Commentary 18-Aug-2009

By IBT Staff Reporter On 08/18/09 AT 3:04 AM

Rupee : Rupee is holding above 48.70 levels and clearly under the bearish territory above that. The medium term rupee has turned bearish followed by the bearish move seen in stocks and break of 79.29 (trendline resistance) in dollar index . We are targetting 49.20 and higher medium term.Slight bearish. (USD/INR : 48.80)

Euro : Euro unable to hold above 1.4300 levels and broke down. It has broken the daily trend and hence the bias is down. But the weekly trend which determines the medium term view of euro would be broken once euro stays below 1.3852. Bearish (EUR/USD 1.4101)

Yen: Yen has again entered the weekly triangle consolidation pattern between 92 to 98 levels. Risk aversion has again gained control and break of the triangle pattern would decide the medium term trend of the pair. (USD/JPY 94.98) Slightly bullish

Aud : Aud seems to be entering into correction mode lately .We have started witnessing sell off in commodity prices . It is neutral to slightly bullish until we see a break below 0.7950. Continous move below 0.8150 would stand bearish for the pair. (AUD/USD -0.8243) In Correction Mode

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DISCLAIMER These views/ forecasts/ suggestions, though proferred with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice.Though the information sources are believed to be reliable, the information is not guaranteed for accuracy.